a)
Prepare the adjusting entries to report 1. Trading securities at
fair value and 2. Non-trading securities at fair value. ............
b) Indicate the statement presentation of each class of securities.
............
P12-2A : In January 2014, the management of Stefan Company
concludes that it has sufficient cash to permit some short-term
investments in debt and stock securities. During the year, the following
transactions occurred. ............
At December 31, the fair value of the Superior common stock was
$55 per share. The fair value of the Pawlik common stock was $24 per
share. ............
a) Journalize the transactions and post to the accounts Debt
Investments and Stock Investments. ............
b)
Prepare the adjusting entry at December 31, 2014, to report the
investment securities at fair value. All securities are considered to be
trading securities. ............
c)
Show the balance sheet presentation of investment securities at
December 31, 2014. ............
d) Give the statement classification of each income statement
account. ............
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ACC 557 Week 9 Chapter 12 Quiz (all possible questions)
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